Wintershall Dea announced that it is divesting its ownership of Brage field, an offshore oil field located in the North Sea, and transferring the operatorship to OKEA, a mid-late life specialist operator.
The company is planning to build on its reputation as one of the largest subsea operators on the shelf in the coming Norwegian chapter.
Dawn Summers, Chief Operating Officer at Wintershall Dea says: “With the sale of our interests in Brage and Ivar Aasen, we are further strengthening our focus in Norway on gas production. Here we already have a strong position in the country, and our major projects Dvalin and Njord, that are planned to come on stream by the end of 2022, will add further gas volumes that secure energy supply in Europe.”
According to the agreement, OKEA buys Wintershall Dea’s 35.2% stake in the Brage field and 6.46% stake in the Ivar Aasen field, as well as 6% of the Nova development for EUR 108 million (NOK 1.1 billion). In addition, certain payments are subject to certain conditions.
In 2021, Wintershall Dea’s total production in Norway was 159,000 barrels of oil equivalent per day (boe/d), more than half of which was natural gas. Nova, Njord, and Dvalin will add between 70,000 and 80,000 boe/d. Brage and Ivar Aasen contributed about 6,000 boe/d.
On the Norwegian Continental Shelf, Wintershall Dea is developing gas and carbon management projects as a leading subsea operator. Through an increased focus on assets with low carbon footprints and strict emission management, the company aims to have net zero upstream activities by 2030
With a focus on gas and carbon management projects, Wintershall Dea is moving forward on the Norwegian Continental Shelf as a leading subsea operator. Upon approval by authorities, the transaction is expected to be completed in Q4 2022. It will then be effective retroactively from 1.1.2022.